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of <h1>New Rule 3(1) Alters Valuation of Rent-Free Accommodation for Tax Purposes, Effective September 2023</h1> The valuation of rent-free or concessional accommodation for income tax purposes under Rule 3(1), effective from September 1, 2023. For unfurnished accommodation provided by the government, the taxable value is the government-determined license fee minus the employee's rent payment. For other employers, the taxable value varies based on city population and salary percentage. Furnished accommodation includes additional charges for furniture. Certain accommodations, such as temporary housing at remote sites or hotel stays under specific conditions, are non-taxable. Prior rules, effective until August 31, 2023, had different valuation percentages based on city population.
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